LONGMONT -- Boulder County commissioners would like to split the revenue from the Twin Peaks Mall TIFs. But Longmont doesn't have to share.

Longmont has been working with the mall owners, NewMark Merrill Mountain States, to redevelop Twin Peaks using tax-increment financing. A TIF lets some of the additional tax revenue from a rejuvenated mall be used to pay for the improvements made.

At a joint city-county meeting Tuesday evening, the county commissioners said they'd like to see a deal similar to one made in a Louisville revitalization project, which included a revenue split between Louisville and the county. Having something similar in place for Twin Peaks, they said, was important to make sure county services continued to get the financial support they needed -- especially since Longmont was a heavy user of those services.

"It's important that we make it work for the county and the city," County Commissioner Will Toor said. "One hundred percent TIF into redevelopment is very problematic for the county."

But Councilman Gabe Santos countered that too deep a split could discourage the project from happening at all.

"To say the Louisville model is the one we should be going with ... 50 percent may not be right for the city of Longmont," Santos said. "If this thing goes under, we get zero percent."

Under state law, Longmont has to notify the county of the potential impact from the mall development. However, while Boulder County gets the opportunity to respond, it can't block the project. According to statute, Longmont and the mall owner can choose to go ahead without giving any TIF money to the county.

Santos also noted that the city was still waiting for the county's formal letter of response, due about two weeks ago. County staff said they hadn't been aware of the 30-day deadline and that it would be sent back as soon as possible.

City staff estimate that redevelopment of the mall could generate $125 million a year in retail sales, compared to an estimated $26 million a year now. Over the 25-year TIF period, the county is estimated to see an additional $24.5 million in property and sales taxes due to the redevelopment.

In other discussion, the City Council and county commissioners briefly re-opened a discussion about the Longmont Housing Authority, which recently retracted its application for $150,000 of Worthy Cause funding from the county. One of the sticking points was that the county required a deed of trust from the LHA that would be held for 99 years.

"I understand the county was looking at an adjustment?" Councilwoman Katie Witt asked. "Something less than 99 years?"

"Maybe sometime a long time in the future," Commissioner Deb Gardner said. "But nothing imminent and nothing that would be applied retroactively to this particular issue."

New coordinator pushes Buffs to work, play at level he expectsJim Leavitt has discovered this much about his new defense at Colorado: He has some talent with which to work, but his players need to put it in another gear. Full Story

New coordinator pushes Buffs to work, play at level he expectsJim Leavitt has discovered this much about his new defense at Colorado: He has some talent with which to work, but his players need to put it in another gear. Full Story